Milwaukee Journal Sentinel: Condos' Bright Lights Create A Buzz
Breaking news!! This just in!! Suburbanites are moving to downtown!!How many of you read the article in The Milwaukee Journal Sentinel's Real Estate Section (dated Sunday, July 16th) titled "Condo's Bright Lights Create A Buzz: Downtown housing option attracts suburbanites?" Dan Benson, writer for The Milwaukee Journal Sentinel, writes about a trend that is causing a buzz in the downtown condo market. (
A trend...causing a buzz...now?) He writes that suburbanites are "going against the grain of the city's continuing population drain" and that this demographic is choosing the city life which is providing a "countertrend of indeterminable size to recent census estimates." (
Really? Is this phenomenon just occuring...now?) In this same article, they quoted a local news anchor who just purchased a lakefront condo saying "our hope is we're catching the front end of that move (responding to the trend that baby boomers are relocating to downtown from the suburbs).
Where have these people been for the past ten years? The renaissance that downtown has been experiencing began in the mid-1990s. Baby boomers, young professionals, and suburbanites began making their journey for years. This is not just happening now.
This afternoon (July 19th), I was invited to attend the ground-breaking ceremony for The Flatiron. This is the first development to break ground in the new Park East Redevelopment project. Mayor Barrett and Alderman D'Amato was on-hand to address the audience and the local television reporters commenting about the future of the Park East Corridor. As Barrett stated, Milwaukee is experiencing an event that most cities would dream to see for themselves. A case where several acres were freed up to be used to further develop this great city. As a downtown condo owner who moved to this great market in 2002, I am personally insulted when the media portrays a movement that has been happening for many years.
Click here to read about this "new" movement to the downtown real estate market>>>
JS Online: Smaller Park East plan finding favor: County panel sees it as community friendly
Tom Daykin of the Milwaukee Journal Sentinel writes about the county board's position of a parcel of land which was created by the Park East Redevelopment project. The Board is currently reviewing two proposals submitted by developers for a single parcel which is bordered by North Old World Third Street, North Fourth Street, West Juneau Avenue, and West McKinley Avenue.
One proposal calls for a $104 million development featuring a 175-room hotel, 70 condos, over 50,000 square feet of office space, over 30,000 square feet of retail space, and a 330-car parking structure. This proposal is estimated to generate $2 million in annual property tax revenue and will create 500 construction jobs.
The second proposal calls for a $34 million development featuring a 202-room hotel, 14,000 square feet of office space, 9,000 square feet of retail space, 400-car parking structure, and a gas station/convenience store. This proposal is estimated to generate a much smaller tax benefit and fewer construction jobs than the competing proposal. At this point in the Board's discussions, it appears that they are leaning toward this proposal because the developer is promising to provide a higher percentage of construction contracts to minority-owned firms.
If you were on the Board, which proposal would you favor? The cost of removing the Park East freeway was in the millions. Does it make sense for the county to use this valuable piece of property for a gas station and convenience store?
Click here to read the details of these two proposals>>>
My Current Listings!!
Western Leather Lofts #317 - $99,000Step back in time in this century-old warehouse building located one block away from Brady Street’s boutiques and fine restaurants. Surrounded by residential homes, this five-story Cream-City Brick warehouse features concrete-heated floors, beam and post construction, soaring windows and ceilings.
Click here for more information about this chic, urban condominium unit>>>
Riverbridge #304 - $290,000This is a 2-2-2 special! Two bedrooms, two full baths, and two indoor parking spaces!! Enjoy the view! Built in 2005, this former model provides Milwaukee River views from the great room & both bedrooms! Maple hardwood floors, maple kitchen cabinets, stainless steel appliances, whirlpool tub, and in-unit laundry are just a few amenities included with this condo unit. This unit has it all.
Click here for more information>>>
South Side Milwaukee Bungalow Duplex - $172,000This ideal south side duplex, featuring two-bedrooms in each unit, is looking for an investor or owner-occupant. Both units are owner-occupied and well-maintained. Features include a large walk-up attic; private, covered porches; natural woodwork; stained glass picture windows; spacious eat-in kitchens; and a two-car, detached garage (driveway entrance). Recent improvements include traditional double-hung windows replaced throughout home in 2003 and a new roof to be replaced before closing. One-year HSA Home Warranty included.
Click here for more information about this wonderful investment opportunity>>>
